CFPB
Low VA Rates, LLC
October 26, 2020
Summary
The CFPB issued a consent order against Low VA Rates, LLC, a Utah-based mortgage lender and broker, finding that it violated the Consumer Financial Protection Act, the Mortgage Acts and Practices – Advertising Rule, and Regulation Z by sending deceptive direct-mail advertisements for VA-guaranteed mortgages. The ads promoted products that were not actually available, failed to properly disclose rates and repayment terms, and made misleading claims about rates and savings. The consent order requires Low VA Rates to pay a $1,800,000 civil money penalty and imposes requirements to prevent future violations.
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Low VA Rates, LLC
On October 26, 2020, the Consumer Financial Protection Bureau (Bureau) issued a consent order against Low VA Rates, LLC (Low VA Rates), a Utah-based mortgage lender and broker incorporated in Colorado and licensed in 48 states and the District of Columbia. Low VA Rates offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). Low VA Rates’ principal means of advertising VA-guaranteed loans is through direct-mail campaigns sent primarily to United States military servicemembers, veterans, and their families. The Bureau found that Low VA Rates sent consumers mailers for VA-guaranteed mortgages that contained false, misleading, or inaccurate statements, in violation of the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule (MAP Rule), and Regulation Z. Specifically, Low VA Rates sent consumers numerous advertisements for VA-guaranteed mortgages that, among other things, promoted mortgage products that were not actually available; 2) failed to properly disclose rates and repayment terms; 3) used misleading descriptions of rates; and 4) used misleading representations regarding the savings or financial benefits available to consumers. The consent order requires Low VA Rates to pay a $1,800,000 civil money penalty and imposes requirements to prevent future violations.
This action stems from a Bureau sweep of investigations of multiple mortgage companies that use deceptive mailers to advertise VA-guaranteed mortgages.
On July 24, 2020, the Bureau announced consent orders against Sovereign Lending Group, Inc., and Prime Choice Funding, Inc.; on August 21, 2020, the Bureau announced a consent order against Go Direct Lenders, Inc.; on August 26, 2020, the Bureau announced a consent order against PHLoans.com, Inc.; on September 1, 2020, the Bureau announced consent orders against Hypotec, Inc. and Service 1st Mortgage, Inc.; on September 2, 2020, the Bureau announced a consent order against Accelerate Mortgage, LLC; and on September 14, 2020, the Bureau announced a consent order against ClearPath Lending, Inc. for similar violations. The Bureau commenced this sweep in response to concerns about potentially unlawful advertising in the market that the VA identified.
Related documents
Press release
Case docket
Page last modified Mar. 13, 2026 @ 01:32 PM EDT
Action Details
Forum
- Administrative Proceeding
Court
CFPB Office of Administrative AdjudicationDocket number
2020-BCFP-0018
Initial filing date
OCT 26, 2020
Products
- • Mortgage Origination
Contact Information
Administrative adjudication docket clerk
Submit docket information for any ongoing administrative adjudication process, or request information related to the docket or the function of the CFPB’s administrative law judge (ALJ).
Source: https://www.consumerfinance.gov/enforcement/actions/low-va-rates-llc/
Common questions
- What does "Low VA Rates, LLC" cover?
- The CFPB issued a consent order against Low VA Rates, LLC, a Utah-based mortgage lender and broker, finding that it violated the Consumer Financial…
- Which agency issued this update?
- This update was issued by CFPB.
- When was it published?
- It was published on October 26, 2020.